UBS Names New Leadership Team

Patrick, I'm looking at these names. A lot of UBS lifers in this. Yeah, absolutely. I mean, Imani has returned to UBS and he's laying out his new leadership team. And it does look like a bit of a continuity play. It's quite UBS heavy. I guess the one surprise that was in there was a change of a CFO.

So they've brought in a new guy, Todd Tucker. I think he's relatively unknown outside of UBS, but he seems to have been at UBS for a while. And the investment banking head is staying the same. So, you know, this looks like an immediate move to put in, you know, the managers for the integration to me at this point in time. I think some people are speculating that Narital might come back. Of course, he left as Ralph Hamas arrived. The interesting line is we seem to have shifted along on the Swiss business.

As Danny said, there are some lifers in not lifers, but there are long term people in the UBS business, but Christine, the head of the Swiss business is there will evaluate all options for credit Swiss business. And that's incremental progress, isn't it? Because when he was with me just a couple of weeks ago, he said, Oh, I'm glad you've met people that know how to run a Swiss bank. But here we are. It's obviously a very real live issue, whether it's IPO, whether it's sold or integrated. How important is this piece on the chessboard? It's one of the most valuable pieces within CS. Yeah, absolutely. I mean, I think it'll be key to, you know, get a very good valuation for that business if they do decide to do something with it.

And, you know, Amati is a guy who's been at UBS for a long, long time. And, you know, very well, man. You know, I think it was UBS just as a CEO for almost a decade together with Axel Wibber, the chairman at the time. So he has very deep connections. He knows lots of people at the bank, and I'm sure that he will count on the people who he trusts the most and who he's worked with over a long period of time. And if we look at the picks, which he's made today, you know, it does seem to be rather focused on the UBS side, perhaps people he's worked with before than on bringing over the executive team from Credit Suisse, who may not be as tried and trusted in his opinion.

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